THE SURVEY ON DETERMINATION METHOD OF CRUDE OIL PRICE BETWEEN OPEC AND OECD ORGANIZATIONS BY USING GAME THEORY MODEL AND JOHANSEN- JUSELIUS TECHNIQUE

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FAHIMI DOAB REZA; SABAHI AHMAD; MAHDAVI ADELI MOHAMMAD HOSSEIN; SEYFI AHMAD

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Title

THE SURVEY ON DETERMINATION METHOD OF CRUDE OIL PRICE BETWEEN OPEC AND OECD ORGANIZATIONS BY USING GAME THEORY MODEL AND JOHANSEN- JUSELIUS TECHNIQUE

Author(s)

FAHIMI DOAB REZA | SABAHI AHMAD | MAHDAVI ADELI MOHAMMAD HOSSEIN | SEYFI AHMAD | Issue Writer Certificate

Keywords

OPEC ORGANIZATIONQ2

OECD ORGANIZATIONQ2

GAME THEORYQ2

THE PATTERN OF ACCUMULATION JOHANSEN – JUSELIUSQ2

BARGAININGQ2

Abstract

The main and effective buyers and sellers of crude oil in global market are OPEC and OECD ORGANIZATIONs that they are trying to change the prices in their favor. This paper investigated a GAME THEORY model for the two organizations which how to behave against each other in oil market. To examine the factors and extent of influence of each mentioned organization on crude oil price offered an econometric model by using Johansen- Juselius technique. Result shows that OPEC ORGANIZATION is effective on petroleum price with amount of crude oil supply and OECD ORGANIZATION is effective on it by harnessing oil reserves. The crude oil price is sensitivity to OPEC supply more than oil reserves is controlled by the OECD. So that OPEC ORGANIZATION can use it as a tool to increase BARGAINING power. Other variables can affect the crude oil price such as global economic growth and the effective real exchange rate America are analyzed in this paper. The result is that global economic growth has direct effect on crude oil price and real dollar exchange rate has an adverse effect on it.

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APA: Copy

FAHIMI DOAB, REZA, SABAHI, AHMAD, MAHDAVI ADELI, MOHAMMAD HOSSEIN, & SEYFI, AHMAD. (2014). THE SURVEY ON DETERMINATION METHOD OF CRUDE OIL PRICE BETWEEN OPEC AND OECD ORGANIZATIONS BY USING GAME THEORY MODEL AND JOHANSEN- JUSELIUS TECHNIQUE. IRANIAN ENERGY ECONOMICS, 3(12), 61-90. SID. https://sid.ir/paper/244924/en

Vancouver: Copy

FAHIMI DOAB REZA, SABAHI AHMAD, MAHDAVI ADELI MOHAMMAD HOSSEIN, SEYFI AHMAD. THE SURVEY ON DETERMINATION METHOD OF CRUDE OIL PRICE BETWEEN OPEC AND OECD ORGANIZATIONS BY USING GAME THEORY MODEL AND JOHANSEN- JUSELIUS TECHNIQUE. IRANIAN ENERGY ECONOMICS[Internet]. 2014;3(12):61-90. Available from: https://sid.ir/paper/244924/en

IEEE: Copy

REZA FAHIMI DOAB, AHMAD SABAHI, MOHAMMAD HOSSEIN MAHDAVI ADELI, and AHMAD SEYFI, “THE SURVEY ON DETERMINATION METHOD OF CRUDE OIL PRICE BETWEEN OPEC AND OECD ORGANIZATIONS BY USING GAME THEORY MODEL AND JOHANSEN- JUSELIUS TECHNIQUE,” IRANIAN ENERGY ECONOMICS, vol. 3, no. 12, pp. 61–90, 2014, [Online]. Available: https://sid.ir/paper/244924/en

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